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San Diego County Housing Report: A Powerful Beginning, January 9, 2024
2024 Kicked off with a scarcity of homes available and a much faster pace.
With the second-fewest homes to start a year since tracking began in 2012, the San Diego County housing market is hotter than pre-COVID years.
Farmers markets are growing in popularity. There are plenty of booths and crowds of people eager to shop outdoors and support the community even in the middle of winter. Those who have frequented them for years know January is not a great month for fruits. The selection is limited mainly to citrus. It is not the season for peaches, plums, melons, pineapple, berries, or apples. Squeezing between the crowds reveals half-empty shelves with very few options.
That is precisely what buyers are facing at the start of 2024. The San Diego County housing shelves are half empty. It is tough being a buyer looking for a home today with higher mortgage rates and very few options to purchase. Demand is muted due to affordability constraints and fewer FOR-SALE signs. Still, the inventory crisis eclipses today’s diminished demand, resulting in a market that already feels hot at the start of January.
After a late but muted inventory peak in 2023 at 3,055 homes, the lowest peak since tracking began in 2012, the inventory dropped by 22% to where it sits today at 2,376. That is the second-lowest start to a year behind 2022. There were 22% more homes available last year, with 2,898 homes available, which is still very low compared to long-term averages. The average start from 2013 through 2020 was 5,270, a staggering 122% more. That is an extra 2,534 available homes. Contributing to the supply scarcity is the fact that fewer homeowners are willing to give up their underlying, low, fixed-rate mortgages. In 2023, there were 24,329 missing FOR-SALE signs compared to the 3-year average before COVID (2017 to 2019), 46% fewer. Mortgage rates are anticipated to drop this year, and the further they fall, the more homeowners will be more inclined to sell their homes. For clients to get a copy of the report, visit: glstats.com
Source: reportonhousing.com
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